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  1. #41
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    Quote Originally Posted by Lizard View Post
    Assuming an unexceptional Christmas period, I would think heading for about $23.8 - $24.1m NPAT for FY11 (excluding effect of extra $2.6m tax).
    Result came in at $24.1m NPAT excluding the extra tax. The upside of the result was the extra 1.0cps of imputed dividend and the strong cashflow that has left them with over $82m of cash in the bank - some of it explained by seasonal factors.

    There must be some headwinds for BGR in the coming year, but they are performing solidly and producing good yield (9.2% including imputation at $1.40 s.p.). Plus the extra cash in hand and rollover to another 12-month period pushes my valuation to $1.60/share so I'll probably keep holding for now.

  2. #42
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    A very strong quarterly showing from BGR with same store sales up 8% on last year. No mention of how much of that was driven by the remaining Christchurch stores!

    Margins under pressure though, so that makes it tough, but expecting HY NPAT of $10.2m (up 10%). Still, second half is the biggie for BGR...

    Hoping yield will support it here at $1.42, as 6.3% plus imputation is not too bad and might even be 7% if they increase the div in line with the 10% NPAT increase.

  3. #43
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    Briscoes has held up pretty well today and previously just down 1c today, releasded the results on the right day eh!

  4. #44
    percy
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    Quote Originally Posted by Lizard View Post
    A very strong quarterly showing from BGR with same store sales up 8% on last year. No mention of how much of that was driven by the remaining Christchurch stores!

    Margins under pressure though, so that makes it tough, but expecting HY NPAT of $10.2m (up 10%). Still, second half is the biggie for BGR...

    Hoping yield will support it here at $1.42, as 6.3% plus imputation is not too bad and might even be 7% if they increase the div in line with the 10% NPAT increase.
    Interesting.BRG only lost Salisbury Street store,which I expect was their worst ChCh store,so with retail very poor through-out NZ I guess the remaining BRG CHCh stores are going gangbusters.A very positive announcement.

  5. #45
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    Quality retailer this one IMHO

  6. #46
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    Quote Originally Posted by emearg View Post
    Quality retailer this one IMHO
    Alhough still at the same share price I stagged at on listing day, nearly 10 years ago!

  7. #47
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    Really good sales report out from BGR for 3rd qtr - a 9.15% sales increase over pcp and even better on a same-store basis, since they've closed a few outlets over past twelve months.

    While clearly the RWC-driven traffic through Rebel Sport will have been a factor, with a 24.6% increase in sporting goods, homewares also managed a creditable 8.2% same-store basis, or up 2% overall. Margins flagged as down, so how much is the question... has a big impact, but I'm going to pick $25.5 - $26.7m NPAT for year to Jan 2012.

    Given the high gross dividend yield of 9.4% (at $1.40), this has made a good yield investment. It's not likely to come unstuck in the short-term either, as looks as though it would take a tough Christmas to take the wind out of this years result. Though the challenge might be to find any sellers - they've all scarpered... (unless someone wants to take out the offer at $1.95!).

  8. #48
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    Good to see that Briscoes now have on-line shopping - powered by: www.estaronline.com
    SCOTTY

  9. #49
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    Quote Originally Posted by SCOTTY View Post
    Good to see that Briscoes now have on-line shopping - powered by: www.estaronline.com
    Now that is interesting.Well spotted SCOTTY.

  10. #50
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    I've sold out of this one in the clean up. Been good to me and sad to see it go - but best sell while things are going well for them. I have too much in retail stocks, between this one, HLG and PHB, so one had to go. HLG has a better div, PHB has better growth...not too much in it really, but liquidity is slowly getting worse on BGR and would be nothing to sell into on a bad news day.

    I'd expect first half to be good for them though, so figure I'm leaving something in it for the next guy .

  11. #51
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    I am wondering whether to sell or not as they have not gone anywhere sp wise for a while - a bit up then drift down again - have MHI as the other retail stock I hold -may hold on until the next results come out and sell into the rally!!

  12. #52
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    Retail stuffed in NZ ..... Briscoes don't say so

    That is a very good announcement today ..... 10% same stores sales and increased profit .... evn though margins are bit 'strained'

    And one needs a 5 year chart to see that over 150 is pretty good .... for BGR


    Hope Rod doesn't waste his cash pile on Dick Smiths

  13. #53
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    I thought sales revenue better than expected, but NPAT in line with where I'd put my peg earlier in the year. So, as you say, margins a bit strained.

    A really solid business and hopefully it can give investors a bit of a run here... my longer-term concern was whether product costs likely to increase via forex and whether margin can be maintained, particularly as products in their categories seem fair game for internet sales (even if BGR are competing in the on-line market too).

  14. #54
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    No matter how many 60% + sales they have over the next three months..

    NZ public are over it... Retail will decline ..

  15. #55
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    Quote Originally Posted by janner View Post
    No matter how many 60% + sales they have over the next three months..

    NZ public are over it... Retail will decline ..
    I don't agree.

    People still want to buy stuff and people still need to buy stuff. People are over buying cheap crap at the Warehouse that fails two days after the warranty expires, and most can't afford the best so Briscoes is in the middle which seems to be a pretty good place to be. And people love to feel like they are getting a good price which the silly sale thing achieves.

    Pretty please Rod...don't buy DSE.

  16. #56
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    I very much doubt that Rod Duke would be interested in DSE. He's much too savvy to fall for that one; has been very carefull with BGR's cash pile for many years; and has already dismissed the DSE idea, hasn't he?

  17. #57
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    By retail will decline.. I am saying that overall retail will decline..

    Come March with Taxes .. and pressing credit card repayments.. High NZ Dollar.. Greece etc.. We are in for a decline.. Not a bust.. IMHO..

  18. #58
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    From what I hear retail has slowed down since Xmas.Another long hard year ahead.?
    Be interested to hear how BRG online sales are progressing.? I note SCY [Smiths City] have decided to put more effort into on line ,since their L.V.Martin owned company have enjoyed very good on line sales.Smiths' massive warehouse for distribution of all Smiths stores could easily handle on line orders.
    Rod Duke has done well to keep his war chest intact,and I think he is having a bit of a laugh by saying "never say never"to DSE rumour.He is an Australian after all.!!!!!!!!
    "May we live in interesting times"!!!!!
    Last edited by percy; 02-02-2012 at 08:56 PM.

  19. #59
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    Hey Percy.. We may have many Chinese here now.. We certainly do not want Chinese curses..

  20. #60
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    Quote Originally Posted by janner View Post
    Hey Percy.. We may have many Chinese here now.. We certainly do not want Chinese curses..
    I think the Chinese curse sums up retail at present.!!!!!!
    I also seem to remember there was a tie up between Gerry Harvey and Rod Duke.?
    Anyone buying into DSE would need to be part of a huge buying group.ie Westfarmers [Bunnings,Coles ] ,Harvey Norman,NAFTA [JB HI FI/Smiths City].Metcash[Mitre 10].So not many players.
    Nafta,sorry if I have the name of this big Aussie/NZ buying group wrong.
    Last edited by percy; 03-02-2012 at 07:27 AM.

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